Boom time for MBAs in 2007

By Peter Walker for CNN

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(CNN) -- The job market is booming for those graduating with an MBA in 2007, a survey has shown in a further dose of welcome news for business school students.

According to a report from the National Association of Colleges and Employers (NACE), based on a survey of US-based employers, companies reported plans to hire 22% more MBA. graduates from the Class of 2007 than they hired from their counterparts a year before.

More than 40% of the new MBA recruits will begin with an annual base salary of $75,000 or more, the Job Outlook 2007 report showed.

However, a slightly larger proportion -- 47% -- will have to make do on a base salary of between $50,000 to $75,000.

"Projections for MBA hiring are in line with what we're seeing in the job market for new college graduates as a whole," said Marilyn Mackes, NACE executive director.

"Employers reported plans to increase their college hires by more than 17% this year."

More good news

The survey is the latest in a crop of studies this year that have shown how the MBA market has rebounded following some lean years in the wake of the dot-com crash and the subsequent travails of the US economy.

Two months ago, a Business Week magazine study came up with the eye-catching finding that those graduating from a top business school can now often demand an starting salary of $100,000 or more as soon as their studies are over.

The once-every-two-years survey, which processed questionnaires from more than 9,000 students and 200-plus recruiters, found that graduates from almost a third of the top 30-ranked US MBA programs earned an average of $100,000 or more on graduating, a figure generally boosted further by other benefits.

Earlier in the year, a study by the MBA Career Services Council found that MBA students graduating in 2006 were expected to get more job offers and higher average salaries than their peers of 12 months ago.

Rewards had increased the most for those entering the consulting, financial services and consumer product industries, according the mainly US-based poll. It found that 98% of employers had seen increased recruiting activity during the fall and winter recruiting period compared to the same time a year before.

The NACE survey showed that manufacturers have the most aggressive hiring plans of any sector, expecting to hire 32.4% more MBAs in 2006-7 than they hired in 2005-6. Service employers plan a 15.4 percent increase.

The South of the United States appears to be especially booming -- 59% of respondents expect an increase in MBA hiring, followed by 51% in the Midwest.

In contrast, those looking for jobs in the Northeast (14.6% of employers expecting an increase) and West (13.5%).are sill in luck, but less so.